Apr 19, 1775 – Sep 3, 1783
The Loyalists were afraid of chaos erupting without the legal institutions of Britain. They also did not want to be separated from the commercial empire that their businesses or plantations depended upon. There was a sense of security in being part of the most powerful nation on earth.
The U.S. debt in 1783 totaled $43 million. That year, Congress was given the power to raise taxes to cover the Government's costs. ... To help raise money, federal bonds were issued by the Government. 1775 - Paying for the American Revolutionary War was the start of the country's debt
